Earnings Report /
Egypt

Telecom Egypt: Solid Revenues, Margin Expansion, Lower Debt on Vodafone Special Dividends

  • Data revenues continue to drive growth

  • FX gain, investment income from Vodafone and lower interest expense drive bottom line

  • Modified shareholders' agreement, a favorable revenue mix, normalized capex; upgrade FV to EGP18.00/share

Mariam Wael
Al Ahly Pharos Securities Brokerage
11 November 2021